Covisint Corporation Announces Second Quarter Fiscal 2016

Covisint Corporation Announces Second Quarter Fiscal 2016 Earnings Results

COVISINT CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(In Thousands, Except Per Share Data)
(Unaudited)

	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Gross profit	$	9,924		$	7,409		$	18,629		$	13,730
Gross profit %		54	%		34	%		51	%		32	%
*Adjustments:*
Stock compensation expense—cost of revenue		22			69			52			584
% of total revenue		—	%		—	%		—	%		1	%
Cost of revenue—amortization of capitalized software		905			1,731			1,809			3,375
% of total revenue		5	%		8	%		5	%		8	%
Adjusted gross profit	$	10,851		$	9,209		$	20,490		$	17,689
Adjusted gross profit %		59	%		42	%		56	%		41	%



	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Cost of revenue	$	8,469		$	14,326		$	18,246		$	29,592
Adjustments:
Stock compensation expense		22			69			52			584
Cost of revenue - amortization of capitalized software		905			1,731			1,809			3,375

Cost of revenue, non-GAAP	$	7,542		$	12,526		$	16,385		$	25,633


	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Research and development	$	3,127		$	2,583		$	6,790		$	5,699
Adjustments:
Capitalized internal software costs		(1,126	)		(639	)		(1,526	)		(1,429	)
Stock compensation expense		28			28			54			94

Research and development, non-GAAP	$	4,225		$	3,194		$	8,262		$	7,034






	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Sales and marketing	$	7,183		$	8,003		$	14,659		$	17,775
Adjustments:
Stock compensation expense		232			341			341			946
Amortization of customer relationship agreements		—			77			—			217

Sales and marketing, non-GAAP	$	6,951		$	7,585		$	14,318		$	16,612


	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
General and administrative	$	3,730		$	4,111		$	7,817		$	9,657
Adjustments:
Stock compensation expense		391			817			1,375			2,249

General and administrative, non-GAAP	$	3,339		$	3,294		$	6,442		$	7,408


	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Net loss	$	(4,126	)	$	(7,304	)	$	(10,712	)	$	(19,420	)
Adjustments:
Capitalized internal software costs		(1,126	)		(639	)		(1,526	)		(1,429	)
Stock compensation expense		673			1,255			1,822			3,873
Amortization of capitalized software and other intangibles		905			1,808			1,809			3,592
Net loss, non-GAAP	$	(3,674	)	$	(4,880	)	$	(8,607	)	$	(13,384	)


	THREE MONTHS ENDED SEPTEMBER 30,						SIX MONTHS ENDED SEPTEMBER 30,
	2015			2014			2015			2014
Diluted EPS	$	(0.10	)	$	(0.19	)	$	(0.27	)	$	(0.51	)
Adjustments:
Capitalized internal software costs		(0.03	)		(0.02	)		(0.04	)		(0.04	)
Stock compensation expense		0.02			0.03			0.05			0.10
Amortization of capitalized software and other intangibles		0.02			0.05			0.04			0.10
Diluted EPS, non-GAAP	$	(0.09	)	$	(0.13	)	$	(0.22	)	$	(0.35	)

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 Next Page »